Whole Life Plan
Whole Life Plan is like a life companion for you and your loved ones.
Get the Right Coverage
You pay premium every month/year until you reach a certain age. In case you pass away during the said period your family is paid the sum assured and if you live beyond the premium paying age, your life cover continues as you live and your family will receive a lump sum amount of the insurance money when you die.
Advantages of Whole Life plan:
- Survival benefit: This plan helps create a corpus to meet your desired goal at the end of a chosen premium paying term. You are entitled to the chosen Sum Assured and all the bonuses declared, if any, during the premium paying term.
- Life cover benefit: In case of your untimely demise during your premium paying years, your family would receive twice the Sum Assured along with all bonuses accumulated during the premium paying term of the policy.
- Whole life cover benefit: You are also entitled to an additional Sum Assured payable in case death occurs after the completion of the premium paying term or on completion of 100 years of age, whichever is earlier, allowing you to leave a legacy to your dear
- To pay for funeral expenses so your family doesn’t have to meet the costs.
- To pay for any outstanding debts or liabilities you may still have.
- To help your dependents maintain their standard of living.
Key features of the plan:
- Double Life cover of the Sum Assured and the vested reversionary bonuses, if any, during the premium paying term are paid as the payout after you pass away.
- Wealth creation through regular bonus additions declared at the end of each financial year
- If you live longer than the premium paying tenure, you are covered with the Survival benefit of Sum Assured plus vested reversionary bonuses and terminal bonus, if any, at the end of the premium paying term
- Additional life cover for the chosen Sum Assured post premium payment term, for whole life
- Enhanced coverage through riders – Accident and Disability Benefit Rider, Critical Illness Rider and an Income Benefit Rider
- Avail of tax benefits on the premium paid and benefits received under the policy, as per the prevailing Income Tax
Tip : You should consider taking out waiver of premium with your insurance policy, because in case you fall ill and cannot make premium payments, the wavier of premium clause will cover your monthly premiums. Some plans also include sickness or disability benefits.